There are reports that toll road operator Transurban Group
(ASX:TCL) has become the target of a takeover bid by three of its largest shareholders after they refused to take part in the company’s capital raising to fund the purchase of the Lane Cove Tunnel in Sydney.
On Monday Transurban announced that it had agreed to acquire the Lane Cove Tunnel for $630.5 million and would fund the purchase with funds raised via an equity raising.
According to a report by the Australian Associated Press, Canadian Pension Plan Investment Board, the Ontario Teachers’ Pension Plan Board and CP2 oppose the move to raise funds via an entitlement offer and believe the company instead should use new debt.
The equity raising would see the three investors stake in Transurban diluted from a combined 42% to 38%.
Instead the key shareholders have launched a $5.57 a share offer for the company, valuing it at around $13.8 billion.
The offer is 65 cents higher than Transurban’s last traded price of $4.92 before entering a trading halt on Monday following its announcement of the Lane Cove purchase.
AAP says the key investors released a statement to the ASX last night declaring their bid final.
Transurban Group posted a narrower loss for fiscal 2009 compared to its result the year before.
